Crypto commission initiative FalconX, sent an e-mail to all its customers about the financial situation of the company the other day. Authorities also touched upon the rate of FalconX’s investment in FTX.
FalconX officials said in the e-mail sent yesterday that the company’s FTX announced that they did not experience any financial difficulties despite the loss due to the stock market. The crypto platform shared its investment rate with its customers, according to media reports:
“The balances of FalconX, which we deposited on the FTX exchange, represented approximately one-fifth of our unencumbered cash equivalents. The damage we incur from the bad stock market is limited to that.”
FalconX executives claim that even in a scenario where they can’t recover anything from the FTX exchange, they won’t have any problems. The email message highlighted that the company is one of the most well-capitalized crypto startups. In the message sent to the customers, summary data on the company’s balance sheet were also announced.
“Our business will remain financially sound. FalconX’s debt-to-equity ratio is just 4%. 80% of our balance sheet is kept in banks that are subject to US laws.”
We Are Not Affiliated With Other Failed Companies!
In the crypto storm we experienced this year, FTX was not the only company to go bankrupt. FalconX, subsidiary of the sunken stock market Alamenda Researchbusiness venture Genesis and crypto debt platform He once again stated that he has no connection with BlockFi.